The Costa Rican – American Chamber of Commerce (AmCham) celebrates the vote in its commission stage of an initiative that allows the country to leave the blacklist of non-cooperative countries in tax matters of the European Union (EU).
AmCham considers that the draft law file No. 23,581, “Amendment to Law No. 7092, Income Tax Law to Achieve the Exclusion of Costa Rica from the List of Non-Cooperative Countries in Tax Matters of the European Union”, it is aligned with the requirements that the country needs to get off that list. The current text highlights the need to maintain the territorial rent system, an appropriate model for emerging economies that are net importers of capital and need to encourage local and foreign investment, as in the case of Costa Rica.
Guide to Foreign Source Income Exemption Regimes
At the same time, it complies with the technical elements mentioned in the Guide to Foreign Source Income Exemption Regimes. “In October will be the new review of the entity. If we do not take urgent measures and approve the necessary legislation, our country is risking losing foreign investment, said Silvia Castro, president of AmCham.
In this regard, AmCham calls on legislators to speed up the approval of this bill, essential to help boost the economy, create jobs and improve the investment climate in the country.Now that the project has passed to the Legislative Plenary, we request that it be converted into a Law of the Republic before next September 8th, 2023, the date requested by the EU representatives themselves weeks ago, prior to their next evaluation to be carried out on the coming October.
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